Civic Intelligence

Precious Hearts Academy

990 • Fiscal year 2017 • EIN 47-1215869

Jul 01, 2016 to Jun 30, 2017 • Filed on Nov 14, 2017

Organization Profilewww.preciousheartsacademy.org
265 North D StreetSan Bernardino, CA 92401

(909) 383-0388

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

94th percentile

0.98x

Higher debt load relative to assets than 94% of similar nonprofits.

2017 filings • 501(c)3 • <$500k nonprofits • Source year 2017

Liabilities / Revenue

91st percentile

0.35x

Higher debt load relative to revenue than 91% of similar nonprofits.

2017 filings • 501(c)3 • <$500k nonprofits • Source year 2017

Net Margin

56th percentile

6.3%

Higher net margin than 56% of similar nonprofits.

2017 filings • 501(c)3 • <$500k nonprofits • Source year 2017

Top Officer Pay

98th percentile

$100,000

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 21.4% of source-year revenue.

2017 filings • 501(c)3 • <$500k nonprofits • Source year 2017

Asset Growth

94th percentile

161%

Faster asset growth than 94% of similar nonprofits.

2017 filings • 501(c)3 • <$500k nonprofits • Annualized from 2016 to 2017

Revenue Growth

96th percentile

198%

Faster revenue growth than 96% of similar nonprofits.

2017 filings • 501(c)3 • <$500k nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets94th percentile

Assets

Up

$167,056

Up $103,019 (+161%) from 2016

Net Assets

$3,778

No earlier filing loaded for comparison.

Liabilities

Up

$163,278

Up $73,846 (+83%) from 2016

Revenue And Expenses
Liabilities / Revenue91st percentileNet Margin56th percentile

Revenue

Up

$466,450

Up $309,873 (+198%) from 2016

Expenses

Up

$437,276

Up $283,846 (+185%) from 2016

Net Income

Up

$29,174

Up $26,027 (+827%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth94th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$3.0M$2.0M$1.0M$0-$1.0MAssets 2014: $209Liabilities 2014: $0Net Assets 2014: $2092014Assets 2015: $63,515Liabilities 2015: $92,057Net Assets 2015: -$28,5422015Assets 2016: $64,037Liabilities 2016: $89,4322016Assets 2017: $167,056Liabilities 2017: $163,278Net Assets 2017: $3,7782017Assets 2018: $335,964Liabilities 2018: $251,255Net Assets 2018: $84,7092018Assets 2019: $679,121Liabilities 2019: $154,625Net Assets 2019: $524,4962019Assets 2020: $1,168,571Liabilities 2020: $338,493Net Assets 2020: $830,0782020Assets 2021: $1,417,765Liabilities 2021: $98,690Net Assets 2021: $1,319,0752021Assets 2022: $1,511,936Liabilities 2022: $89,490Net Assets 2022: $1,422,4462022Assets 2023: $1,644,342Liabilities 2023: $89,490Net Assets 2023: $1,554,8522023Assets 2024: $2,173,175Liabilities 2024: $74,220Net Assets 2024: $2,098,9552024Assets 2025: $2,332,265Liabilities 2025: $20,293Net Assets 2025: $2,311,9722025

Highlighted filing

2017

Assets$167,056
Liabilities$163,278
Net Assets$3,778
Open 2017 Filing

Operations Trend

Revenue Growth96th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2014: $2,470Expenses 2014: $2,261Net Income 2014: $2092014Revenue 2015: $121,153Expenses 2015: $149,904Net Income 2015: -$28,7512015Revenue 2016: $156,577Expenses 2016: $153,430Net Income 2016: $3,1472016Revenue 2017: $466,450Expenses 2017: $437,276Net Income 2017: $29,1742017Revenue 2018: $842,251Expenses 2018: $661,320Net Income 2018: $180,9312018Revenue 2019: $1,453,470Expenses 2019: $1,013,683Net Income 2019: $439,7872019Revenue 2020: $1,382,350Expenses 2020: $1,076,768Net Income 2020: $305,5822020Revenue 2021: $1,557,126Expenses 2021: $1,068,129Net Income 2021: $488,9972021Revenue 2022: $1,629,434Expenses 2022: $1,526,063Net Income 2022: $103,3712022Revenue 2023: $2,113,777Expenses 2023: $1,981,371Net Income 2023: $132,4062023Revenue 2024: $2,839,244Expenses 2024: $2,295,141Net Income 2024: $544,1032024Revenue 2025: $2,625,471Expenses 2025: $2,412,454Net Income 2025: $213,0172025

Highlighted filing

2017

Revenue$466,450
Expenses$437,276
Net Income$29,174
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Nov 14, 2017
Return Version
2016v3.0
Gross Receipts
$466,450
Mission and Program Overview

Mission

Precious hearts academy is a special education day school devoted to serving k-12 students with exceptionalities and their families by providing an accessible, enriched, trans-disciplinary and integrated educational program based on evidence-based research standards to facilitate whole person development.

Precious Hearts Academy is a special education day school devoted to serving K-12 students with exceptionalities and their families by providing an individualized, enriched, trans-disciplinary and integrated educational program based on clinical evidence-based research standards to facilitate whole person development.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$4,067$96,895▲ $92,828
Loans From Officers Directors$44,206$60,778▲ $16,572
Accounts Receivable$38,518$52,907▲ $14,389
Land, Buildings, and Equipment, Net$18,451$17,254▼ $1,197
Prepaid Expenses and Deferred Charges$3,000$0▼ $3,000
Total Assets$64,036$167,056▲ $103,020
Liabilities
Accounts Payable and Accrued Expenses$3,548$102,500▲ $98,952
Mortgage Notes Payable Secured by Investment Property$39,339--
Other Liabilities$2,339$0▼ $2,339
Total Liabilities$89,432$163,278▲ $73,846
Net Assets / Fund Balance
Unrestricted Net Assets$-25,396$3,778▲ $29,174
Total Net Assets Fund Balance$-25,396$3,778▲ $29,174
Total Liabilities and Net Assets / Fund Balance$64,036$167,056▲ $103,020

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$14,717$771$15,488
Equipment$2,537$1,469$4,006
Compensation and Service Providers
Top Officer Pay98th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Sharmel WeerasinghePresidentFT$100,000$100,000

Board Members and Trustees

NameTitle
Daniel E OlsonChairman of the Board
Jeevaka WeerasingheExecutive Vice President
Christian IordanVice President, Public Relations
Edward FieldChief Financial Officer
Francesca KuruppuSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$40,965
Program Service Revenue
$425,485
Investment Income
$0
Other Revenue
$0
All Other Contributions
$40,965
Change in Net Assets
$29,174

Audited Revenue Reconciliation

Revenue per Audited Statements
$466,450
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$466,450
Total Revenue per Form 990
$466,450
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$328,966
Other Expenses$108,310
Total Fundraising Expense$200
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$210,633--$210,633
Current Officers, Directors, Trustees, and Key Employees$85,000$15,000-$100,000
Occupancy$38,750--$38,750
Payroll Taxes$18,333--$18,333
Fees for Services Other$11,765$3,972-$15,737
Fees for Services Legal-$9,790-$9,790
Insurance-$6,861-$6,861
Travel-$4,590-$4,590
Fees for Services Accounting-$3,750-$3,750
Office Expenses-$3,474-$3,474
All Other Expenses$1,153$1,476$200$2,829
Other Expenses$2,888$2,160-$2,160
Depreciation Depletion$1,197--$1,197
Conferences and Meetings-$1,038-$1,038
Interest-$559-$559
Total Functional Expenses$380,786$56,290$200$437,276

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$437,276
Total Expenses per Audited Statements$437,276
Total Expenses per Form 990$437,276
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$44,206$60,778▲ $16,572
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, line 2

“Officers Sharmel Weerasinghe and Jeevaka Weerasinghe are married.”

Form 990, Part VI, Section B, line 11B

“A copy of form 990 is provided to and reviewed by management and the board of directors before it is filed.”

Form 990, Part VI, Section C, line 19

“These documents are made available upon request.”

Filing and Contact Details

Filer

Filer Name
Precious Hearts Academy
EIN
47-1215869
Phone
9093830388
Address
265 North D Street, San Bernardino, CA 92401

Signing Officer

Name
Sharmel Weerasinghe
Title
President
Phone
9093830388
Signed
2017-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Sharmel Weerasinghe
Formed
2014
Legal Domicile
CA
Voting Board Members
7
Independent Board Members
7
Employees
15
Volunteers
0

Preparer

Firm
Rogers Anderson Malody & Scott Llp
Address
735 E CARNEGIE DRIVE SUITE 100, SAN BERNARDINO, CA 92408
Preparer
Bradferd a Welebir CPA
Phone
9098890871
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IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION PUBLICIZED ITS NONDISCRIMINATORY POLICY IN THE SAN BERNARDINO SUN NEWSPAPER ON FEBRUARY 3, 2015, DURING THE PERIOD OF SOLICITATION FOR STUDENTS. THE POLICY IS ALSO PUBLICIZED ON THE ORGANIZATION'S WEBSITE AND PRINTED PUBLICATIONS.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Part I, Line 3
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt031310
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt124568
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt20
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt34900
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd01
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd11
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd21
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd31
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd10
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd20
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd30
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0Funding Startup and ongoing Operations
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt1Funding Startup and ongoing Operations
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt2Funding Startup Operations
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt3Funding Startup Operations
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanToOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanToOrganizationInd1X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanToOrganizationInd2X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanToOrganizationInd3X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt049972
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt124568
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt210000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt34900
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0Sharmel Weerasinghe
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1Stanley Weerasinghe
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm2Sanjeewa Weerasinghe
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm3Leelawathie Perera
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0President
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt1Family Member of Officer
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt2Family Member of Officer
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt3Family Member of Officer
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd01
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd11
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd21
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd31
IRS990ScheduleL/TotalBalanceDueAmt060778
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Officers Sharmel Weerasinghe and Jeevaka Weerasinghe are married.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A COPY OF FORM 990 IS PROVIDED TO AND REVIEWED BY MANAGEMENT AND THE BOARD OF DIRECTORS BEFORE IT IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2These documents are made available upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, line 19
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0CA
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt064036
IRS990/TotalAssetsEOYAmt0167056
IRS990/TotalAssetsGrp/BOYAmt064036
IRS990/TotalAssetsGrp/EOYAmt0167056
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt040965
IRS990/TotalEmployeeCnt015
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt0200
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt056290
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0380786
IRS990/TotalFunctionalExpensesGrp/TotalAmt0437276
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt089432
IRS990/TotalLiabilitiesEOYAmt0163278
IRS990/TotalLiabilitiesGrp/BOYAmt089432
IRS990/TotalLiabilitiesGrp/EOYAmt0163278
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-25396
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt03778
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0380786
IRS990/TotalProgramServiceRevenueAmt0425485
IRS990/TotalReportableCompFromOrgAmt0100000
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0425485
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0466450
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt064036
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0167056
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt04590
IRS990/TravelGrp/TotalAmt04590
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0-25396
IRS990/UnrestrictedNetAssetsGrp/EOYAmt03778
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0265 North D Street
IRS990/USAddress/CityNm0San Bernardino
IRS990/USAddress/StateAbbreviationCd0CA
IRS990/USAddress/ZIPCd092401
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0www.preciousheartsacademy.org
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0SHARMEL WEERASINGHE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/PhoneNum09093830388
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-11-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Precious Hearts Academy
ReturnHeader/Filer/BusinessNameControlTxt0PREC
ReturnHeader/Filer/EIN0471215869
ReturnHeader/Filer/PhoneNum09093830388
ReturnHeader/Filer/USAddress/AddressLine1Txt0265 North D Street
ReturnHeader/Filer/USAddress/CityNm0San Bernardino
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CA
ReturnHeader/Filer/USAddress/ZIPCd092401
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0DA39A3EE5E6B4B0D3255BFEF95601890AFD80709
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId08904EEAA0F3EA4DADC334EB9CDD39CC8A1BE224F
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$167,056
Liabilities
$163,278
Net assets
$3,778
Revenue
$466,450
Expenses
$437,276
Net income
$29,174
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$2.33$0.02$2.31$2.63$2.41$0.21
2024Detailed filing. Detailed filing data is available for this year.$2.17$0.07$2.10$2.84$2.30$0.54
2023Detailed filing. Detailed filing data is available for this year.$1.64$0.09$1.55$2.11$1.98$0.13
2022Detailed filing. Detailed filing data is available for this year.$1.51$0.09$1.42$1.63$1.53$0.10
2021Detailed filing. Detailed filing data is available for this year.$1.42$0.10$1.32$1.56$1.07$0.49
2020Detailed filing. Detailed filing data is available for this year.$1.17$0.34$0.83$1.38$1.08$0.31
2019Detailed filing. Detailed filing data is available for this year.$0.68$0.15$0.52$1.45$1.01$0.44
2018Detailed filing. Detailed filing data is available for this year.$0.34$0.25$0.08$0.84$0.66$0.18
2017Detailed filing. Detailed filing data is available for this year.$0.17$0.16$0.00$0.47$0.44$0.03
2016Summary only. Only limited summary data is available for this year.$0.06$0.09$0.16$0.15$0.00
2015Detailed filing. Detailed filing data is available for this year.$0.06$0.09$0.03$0.12$0.15$0.03
2014Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00